30 April R&D Tax Incentive lodgement deadline approaching

24 March 2023

Companies with a 30 June 2022 year wishing to register R&D activities must do so through the customer portal by 11:59pm AEST 2 May 2023.

If unable to meet this deadline, R&D entities can apply for extensions, which must be done on the R&D portal. Extension applications should be made before the deadline, though extension requests submitted after the deadline will be considered. AusIndustry states on its website: “A request for an extension of 14 days (or less) made before the deadline will be approved.” Other extension requests will be considered in light of the reasons given, evidence supplied, whether the R&D entity has applied for any extensions before, and anything else that may be relevant, and will not automatically result in actually getting an extension.

If you are considering submitting an R&D claim for the first time, it is important to seek advice as soon as possible. This may also apply to R&D entities that typically prepare their R&D claims internally but may be unsure about how to apply AusIndustry’s guidance or the legislation.

AusIndustry R&D application processing times

AusIndustry’s service standard for processing R&D applications and providing companies with Notices of Registration is to have 95% of applications processed within:

• 40 business days for first time registrants
• 20 business days for applications submitted within 6 months of the end of an income period
• 80 business days for applications submitted 6 months or more after the end of an income period.

Companies should consider these service standards against their tax return lodgement deadlines and, if expecting a refund, as part of cash flow planning.

If you have any questions, please feel free to contact us.